Page 9 - Gift City

At a crossroads: Finance, tech hub GIFT City looks for a new present

The concept is really of a tri-city--Gandhinagar and Ahmedabad on two sides of the GIFT City-almost merging the old and the new

Gift Nifty derivatives hits record single-day turnover of $8.5 billion

The erstwhile SGX Nifty contracts, which were being traded at the Singapore Exchange (SGX), have been transitioned to India's maiden International Financial Services Centre-GIFT City

Bank of India opens GIFT City branch, aims $1 bn biz by March 2024

State-owned Bank of India on Wednesday opened its branch in the GIFT City Special Economic Zone in Gandhinagar and expects to achieve a USD 1-billion business through it by March 2024, a senior official said. Bank of India also aims to touch a business of USD 4 billion with equal distributions of advances and deposits in the subsequent three years by March 2027 through its IFSC banking unit at GIFT City, its Managing Director and CEO Rajneesh Karnatak said. Bank of India already has its presence in 15 foreign countries through 21 branches and four subsidiaries, a joint venture and a representative office. Through its GIFT City branch it will provide a range of global banking solutions to the clients, he said. "We are expecting a USD 1 billion (Rs 8,227.35 crore) business by March 2024, out of which USD 500 million will be on deposit side and USD 500 million on advances side. In the subsequent three years, we plan to touch a figure of USD 4 billion with equal distributions of advance

TMS Ep470: GST, Gift City, mid & small-cap stocks, Cape Town Convention

What are the changes that GST needs? What does Google's fintech hub mean for Gift City? Is it time to sell mid, small-cap stocks? What is Cape Town Convention Bill? All answers here

GIFT city expansion: 4 villages to be included, to become 3X present size

The city was first conceptualised by Prime Minister Narendra Modi as a global financial hub and India's "first operational smart city"

GIFT Nifty begins India journey, first day turnover tops $1 billion

The first session for GIFT Nifty contracts starts at 6:30 am India time and closes at 3:55 pm, closer to the operations of the domestic market

SGX Nifty begins trading as Gift Nifty from GIFT City in Gandhinagar

Singapore's SGX Nifty began trading as Gift Nifty from Gujarat's GIFT City here on Monday, with USD 9.4 billion open interest transferred to the new entity and USD 1.12 billion volume achieved in the first session of day-one trading. July 3 marked the full-scale transition of SGX Nifty to Gift Nifty, providing an opportunity for international investors to access Nifty products through NSE IX at GIFT City. A bell-ringing ceremony was organised at the GIFT City to mark the occasion as USD 9.4 billion of open interest was transferred from SGX Nifty to Gift Nifty. "Earlier some portion of our trading had gone offshore, and now it is coming onshore in a different jurisdiction, which is GIFT International Financial Services Centre (GIFT IFSC). It is a great day and gives us a tremendous feeling of how ISFC will operate in the future," MD and CEO of the National Stock Exchange (NSE) Ashish Chauhan said. "It marks a tectonic shift and we are in some sense achieving what we call onshoring th

GIFT Nifty begins India journey as new hedging option for investors

Investors who were taking cues on the movement of the NSE's blue-chip Nifty 50 index ahead of its opening from the SGX Nifty will now do so with GIFT Nifty

Sensex ends above 65,000, Nifty 19,300 for the first time; RIL zooms 2.5%

Closing Bell on July 3, 2023: The S&P BSE Sensex settled at a fresh closing high of 65,205, soaring 486 points. The broader Nifty50, meanwhile, zoomed 141 points to 19,330

$7.5 bn derivative trade shifts to India as SGX feud comes to end

SGX Nifty, the Singapore Exchange Ltd.-traded futures on India's key equity NSE Nifty 50 Index, will be known as GIFT Nifty from July 3, and all outstanding orders will be transferred to the GIFT City

Considering allowing depositary receipts on Indian stocks: IFSCA chief

Srinivas said allowing DRs will shift foreign investor flows coming through the participatory note (pnotes) route

FPIs' flight to GIFT City hits air pocket; IFSCA seeks clarity on tax

IFSCA seeks clarity from I-T to clear the decks for more FPIs to re-domicile in GIFT City IFSC

RBI permits international banking units at IFSC to settle NDDCs in rupee

The Reserve Bank on Tuesday permitted international banking units (IBUs) in GIFT City in Gujarat to settle non-deliverable foreign exchange derivative contracts (NDDCs) in Indian rupee. So far, derivatives are cash-settled in foreign currency. As per the notification, Authorised Dealer (AD) Category-I banks operating IBUs can offer NDDCs involving the Indian rupee to resident non-retail users for hedging. Such transactions shall be cash settled in Indian rupee. "The flexibility of cash settlement of NDDCs transactions between two AD Cat-I banks, and between an AD Cat-I bank and a person resident outside India in INR or any foreign currency," it said. This will help develop the onshore rupee NDDC market and provide residents with the flexibility to efficiently design their hedging programmes, it said. The RBI's decision to allow banks to offer Indian residents rupee NDDCs will help eliminate arbitrage between domestic and overseas markets. Banks in India, which operate Internation

Bourses push Sebi to allow longer F&O hours amid Gift Nifty launch

Move comes amid threat that global investors would shift trading to Gift City to avail tax benefits

SGX Nifty will be renamed as GIFT Nifty from July 3, confirms NSE

On April 17, SGX had issued a circular on migrating all Nifty positions to NSE IFSC

GIFT City offers 'ecosystem for economic development': Arunachal CM

The Gujarat International Finance Tec-City in Gandhinagar presents an unprecedented ecosystem for crucial economic development, Arunachal Pradesh Chief Minister Pema Khandu said on Monday. Khandu, who is currently visiting Gujarat, said the Sardar Sarovar Dam is an engineering marvel of modern India that is progressing at a "scorching speed" under the "visionary leadership" of Prime Minister Narendra Modi. "Glad to have visited Gujarat International Finance Tec-City (GIFT) in Gandhinagar district of Gujarat. It is being developed as a state-of-the-art financial hub. It is a pre-eminent, futuristic city built on the foundation of sustainability. GIFT City presents an unprecedented ecosystem for crucial economic development," he said on Twitter. The Arunachal Pradesh chief minister also visited the automatic waste collection and sewage treatment and the utility tunnel at GIFT City. He said the tunnel will accommodate all the utilities, including power cables, raw water supply pipelin

PM Modi greenlights India campus for Australian university by 2023-end

An Australian university, which had vehemently denied media reports of placing restrictions on Indian students last month, received official approval to establish a campus in Gujarat's GIFT city

PM Modi visits GIFT City in Gujarat, reviews progress of ongoing projects

Prime Minister Narendra Modi visited Gujarat International Finance Tec-City or GIFT City near Gandhinagar on Friday evening, officials said. The prime minister was on a one-day visit to Gujarat. He reviewed the status of various ongoing projects at GIFT City and also interacted with the top officials of various entities which operate from the GIFT International Financial Services Centre (GIFT IFSC). The prime minister also visited GIFT City's key infrastructure facilities including an underground utility tunnel and automated waste collection-segregation plant. Earlier in the day, Modi addressed a gathering of teachers at the 29th Biennial Educational Conference organised by the All India Primary Teachers Federation near the state capital. Later in the afternoon, he inaugurated or laid foundation stones of various projects worth around Rs 4,400 crore from the Mahatma Mandir convention centre in Gandhinagar.

Alchemy India Long Term Fund relocates from Mauritius to Gift City IFSC

Industry players said more such funds could move to Gift City as the tax treatment is now at par with other global jurisdiction

IFSC relaxation may boost trade in foreign stocks at the GIFT City

RBI removed requirement of repatriating funds lying idle in FCA accounts